Kenya: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Kenya

The Kenyan crude maize oil market contracted modestly to $X in 2022, approximately reflecting the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Crude maize oil consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Crude Maize Oil Production in Kenya

In value terms, crude maize oil production fell to $X in 2022 estimated in export price. Overall, production saw a mild contraction. The growth pace was the most rapid in 2016 when the production volume increased by 121%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Crude Maize Oil Exports

Exports from Kenya

In 2022, the amount of crude maize (corn) oil exported from Kenya surged to X tons, with an increase of 53% on 2021 figures. Over the period under review, exports saw a strong expansion. The growth pace was the most rapid in 2019 when exports increased by 2,114%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, crude maize oil exports reached $X in 2022. In general, exports recorded a resilient increase. The pace of growth was the most pronounced in 2016 with an increase of 937%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Tanzania (X tons) was the main destination for crude maize oil exports from Kenya, accounting for a 92% share of total exports. Moreover, crude maize oil exports to Tanzania exceeded the volume sent to the second major destination, Rwanda (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Tanzania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Rwanda (+58.2% per year) and Uganda (-22.3% per year).

In value terms, Rwanda ($X) emerged as the key foreign market for crude maize (corn) oil exports from Kenya, comprising 70% of total exports. The second position in the ranking was taken by Tanzania ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Rwanda totaled +59.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (0.0% per year) and Uganda (-30.5% per year).

Export Prices by Country

The average crude maize oil export price stood at $X per ton in 2022, waning by -33.9% against the previous year. Overall, the export price recorded a perceptible curtailment. The pace of growth was the most pronounced in 2018 an increase of 510%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Rwanda ($X per ton), while the average price for exports to Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Sudan (+71.1%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Maize Oil Imports

Imports into Kenya

After three years of decline, overseas purchases of crude maize (corn) oil increased by 4.6% to X tons in 2022. Over the period under review, imports, however, saw a slight setback. The most prominent rate of growth was recorded in 2013 when imports increased by 58% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude maize oil imports dropped notably to $X in 2022. Overall, imports, however, showed a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by 64%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Argentina (X tons) constituted the largest supplier of crude maize oil to Kenya, with a 52% share of total imports. Moreover, crude maize oil imports from Argentina exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. Egypt (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Argentina totaled +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+13.1% per year) and Egypt (+22.4% per year).

In value terms, the largest crude maize oil suppliers to Kenya were Argentina ($X), Turkey ($X) and Egypt ($X), together accounting for 87% of total imports.

Turkey, with a CAGR of +99.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average crude maize oil import price stood at $X per ton in 2022, which is down by -23.1% against the previous year. Overall, the import price showed a perceptible descent. The most prominent rate of growth was recorded in 2021 an increase of 76%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+76.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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